#1jetBlue Unleashing a National Low-Fare Challenger Providing Customers with a Compelling Alternative to the 'Big Four' Carriers APRIL 4, 2022#2Important Information for Investors and Stockholders jetBlue Forward Looking Statements Statements in this presentation contain various forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, which represent our management's beliefs and assumptions concerning future events. These statements are intended to qualify for the "safe harbor" from liability established by the Private Securities Litigation Reform Act of 1995. When used in this document, the words "expects," "plans," "anticipates," "indicates," "believes," "forecast," "guidance," "outlook," "may," "will," "should," "seeks," "targets" and similar expressions are intended to identify forward-looking statements. Forward-looking statements involve risks, uncertainties and assumptions, and are based on information currently available to us. Actual results may differ materially from those expressed in the forward-looking statements due to many factors, including, without limitation, those listed in our U.S. Securities and Exchange Commission ("SEC") filings, matters of which we may not be aware, the coronavirus pandemic including new and existing variants, the outbreak of any other disease or similar public health threat that affects travel demand or behavior, the outcome of any discussions between JetBlue and Spirit with respect to a possible transaction, including the possibility that the parties will not agree to pursue a business combination transaction or that the terms of any such transaction will be materially different from those described herein, the conditions to the completion of the possible transaction, including the receipt of any required stockholder and regulatory approvals and, in particular, our expectation as to the likelihood of receipt of antitrust approvals, JetBlue's ability to finance the possible transaction and the indebtedness JetBlue expects to incur in connection with the possible transaction, the possibility that JetBlue may be unable to achieve expected synergies and operating efficiencies within the expected timeframes or at all and to successfully integrate Spirit's operations with those of JetBlue, and the possibility that such integration may be more difficult, time-consuming or costly than expected or that operating costs and business disruption (including, without limitation, disruptions in relationships with employees, customers or suppliers) may be greater than expected in connection with the possible transaction. Given the risks and uncertainties surrounding forward-looking statements, you should not place undue reliance on these statements. Further information concerning these and other factors is contained in JetBlue's SEC filings, including but not limited to, JetBlue's 2021 Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q. In light of these risks and uncertainties, the forward-looking events discussed in this presentation might not occur. Our forward-looking statements speak only as of the date of this presentation or as of the dates so indicated. We undertake no obligation to update or revise forward-looking statements, whether as a result of new information, future events, or otherwise. Additional Information and Where to Find It This presentation relates to a proposal which JetBlue has made for a business combination transaction with Spirit. In furtherance of this proposal and subject to future developments, JetBlue (and, if a negotiated transaction is agreed to, Spirit) may file one or more proxy statements or other documents with the SEC. This communication is not a substitute for any proxy statement or other document JetBlue and/or Spirit may file with the SEC in connection with the proposed transaction. INVESTORS AND SECURITY HOLDERS OF JETBLUE AND SPIRIT ARE URGED TO READ THE PROXY STATEMENT AND OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY IN THEIR ENTIRETY IF AND WHEN THEY BECOME AVAILABLE AS THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE POSSIBLE TRANSACTION. Any definitive proxy statement (if and when available) will be mailed to stockholders of Spirit. Investors and security holders of Spirit and JetBlue will be able to obtain free copies of these documents (if and when available) and other documents filed with the SEC by JetBlue and Spirit through the web site maintained by the SEC at http://www.sec.gov. Participants in the Solicitation This presentation is neither a solicitation of a proxy nor a substitute for any proxy statement or other filings that may be made with the SEC. Nonetheless, JetBlue and certain of its directors and executive officers may be deemed to be participants in any solicitation with respect to the proposed transaction under the rules of the SEC. Information regarding the interests of these participants in any such proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be included in any proxy statement and other relevant materials to be filed with the SEC if and when they become available. These documents can be obtained free of charge as described in the preceding paragraph. No Offer or Solicitation This presentation shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. 2#3Creating a Compelling National Low-fare Challenger, Benefitting All Stakeholders jetBlue 0 All-cash offer of $33/share clearly represents a "Superior Proposal" for Spirit shareholders X Pro-competitive combination as "JetBlue Effect" is more effective in lowering legacy fares Accelerates JetBlue's strategic plan, creating more value for all stakeholders of combined airline Combined airline would fly under the JetBlue brand, bringing its unique combination of lower fare and great experience to more customers Provides combined crewmember base enhanced career opportunities 3#4jetBlue Proposal Overview 4#5JetBlue's Superior Proposal Offers Value, Financing, and Closing Certainty jetBlue Value certainty: JetBlue to acquire 100% of Spirit for $33 per share in cash, representing a highly attractive premium¹ for Spirit shareholders Financing certainty: fully committed financing at signing with no contingency Leverages strength of existing JetBlue balance sheet Provides Spirit shareholders immediate liquidity and certain value O O Closing certainty: commitments to close demonstrate high confidence in ability to acquire Spirit No JetBlue shareholder vote required Firm conviction in ability to obtain antitrust approvals O O 1 Represents 52% premium over Spirit's $21.73 closing price on 4-Feb-2022. and 50% premium over Spirit's $21.99 closing price on 04-Apr-2022. LO 5#6A 50% Premium to Spirit's Current Share Price¹ Offers Full and Certain Value to Spirit Shareholders jetBlue $3.6bn $33.00 JetBlue Proposal Value per Share Comparison ($) Aggregate Equity Value +52% +$11.27 $21.73 Spirit Share Price as of 4-Feb-2022 +50% +$11.01 $21.99 Spirit Share Price as of 4-Apr-2022 +37% +$8.93 $24.07 Implied Value of Frontier Transaction² as of 4-Apr-2022 $33/share represents $11/share or 50% premium to Spirit's share price as of 4-Apr-2022 Advantages of JetBlue Proposal Provides Spirit shareholders immediate liquidity and certain value Implies highly attractive transaction multiples for Spirit 7.9x³ 2019A EBITDAR 14.4x³ 2022E EBITDAR O O Frontier transaction value is dependent on future operational performance, and therefore, subject to market risk 1 Spirit current share price as of 04-Apr-2022. 2 Based on exchange ratio of 1.9126x, $2.13 of cash consideration per share, and Frontier closing price as of 04-Apr-2022. 3 Multiples based on Spirit's actual 2019A EBITDAR of $927mm and consensus estimates for Spirit 2022E EBITDAR as of 04-Apr-2022. EBITDAR is a non-GAAP financial measure. Spirit enterprise value assumes fully diluted shares outstanding of approximately 109.5 million and adjusted net debt of $3.7bn, including operating leases (as of 31-Dec-2021, based on Spirit's Form 10-K). 6#7Pro-competitive Features Support High Conviction in Ability to Close Transaction jetBlue Proposed combination is pro-competitive: "JetBlue Effect" is more effective than ultra-low-cost carriers in lowering legacy fares and bringing heightened competition to new cities O Greater customer benefits through increased availability of JetBlue's unique combination of low fares and award-winning service Both established and newer ultra-low-cost carriers face lower barriers to entry, likely expanding in a timely manner Leading to high conviction in achieving regulatory approval and consummating the transaction: Proposal contemplates that the definitive agreement for the proposed transaction would contain contractual commitments designed to address any regulatory concern - Includes "reverse break-up fee" that would become payable to Spirit in the unlikely event the proposed transaction is not consummated for antitrust reasons These features are more favorable than those offered to Spirit in pending transaction with Frontier 7#8jetBlue Strategic Rationale and Financial Impact 8#9Creating Long-Term Value for all JetBlue Stakeholders jetBlue C Strong Strategic Rationale Creates a Compelling National Low-fare Challenger Accelerates Existing Growth Plan while Complementing Northeast Alliance (NEA) Strategy Significantly Enhances JetBlue's Long-term Financial Returns jetBlue 9#10Bringing the Airline Customers Love to Fly to More Passengers jetBlue jetBlue 2019 Annual Revenues Annual Customers Aircraft Aircraft in Order Book Daily Flights Destinations Available Seat Miles Crewmembers $ 8.1 billion 43 million 282 156 1,031 98 54 million 22,000 + spirit $ 3.8 billion 35 million 173 156 733 84 41 million 10,000 8 jetBlue + spirit $11.9 billion 78 million 455 312 1,700+ 130+ unique destinations 95 million 32,000 Source: 2021, 2019 company filings; number of daily flights and destinations are based on April 2022 schedule data as of 3/25/22. Note: JetBlue and Spirit annual passengers and ASMS as of 2019. JetBlue and Spirit Aircraft and Crewmembers/Team Members as of 2021. 10#11Transaction Creates a Significant Challenger to the 'Big Four,' Which Account for ~80% of Market Share jetBlue American Airlines Delta Departure Seats United Southwest spirit Alaska jetBlue spirit Frontier Allegiant jetBlue Notes: Based on departure seats for full year 2022. Sources: Diio MI, DOT data. Sun Country Breeze Avelo JetBlue Competitive Advantages Name Breadth and Depth of Network in Focus Cities / Hubs Best in Class Inflight Entertainment Premium Cabin Robust Loyalty Program Lower Costs vs Legacy Airlines Legacies JetBlue Ultra-low- cost carriers 11#12Transaction will Complement NEA Strategy, Diversify Network Footprint, and Provide Access to Key Infrastructure Assets Transaction provides JetBlue with enhanced scale, as well as: Complements existing NEA strategy Diversifies network footprint Provides important infrastructure assets in key U.S. cities Accelerates organic growth plan in FLL, LAX, LAS, and MCO jetBlue 60 LAX 33 69 LAS 9 Additional South American network 22 DFW 2 24 IAH 24 ORD 3 29 DTW 4 30 ATL 5 131 MCO 57 Access to additional growth via NEA 36 ΜΙΑ 11 289 NYC 256 BWI 0 Notes: Based on average departures/day per respective schedule for April 2022 for JetBlue and Spirit. Sources: Diio MI, DOT data. 171 FLL 88 145 BOS 133 45 SJU 31 Additional U.K. network FOCUS CITIES LEGACY HUBS BOTH JETBLUE AND SPIRIT JETBLUE ONLY SPIRIT ONLY 12#13Bringing Award-winning Customer Service and Lower Fares to More Customers jetBlue Enhancing a unique customer offering More customers get low fares and award-winning service across more destinations JetBlue has won hundreds of awards since its inception - and continues to do so ● ● ● Top publications and readers' choice surveys including best domestic U.S. airline Increase in flight schedules to a combined 130+ destinations to/from some of the largest U.S. cities O Welcome ● Welcome Welcome Magnifying the "JetBlue Effect" • Increased scale will drive heightened competition with legacy carriers, resulting in lower fares for more customers and communities Welcome 。"JetBlue Effect" leads to lower legacy fares on routes JetBlue enters Combination would introduce JetBlue for the first time to new destinations, including St. Louis, Memphis, Louisville, Atlantic City, Myrtle Beach, and four additional destinations in Colombia Even more airport access in valuable cities such as Los Angeles, Las Vegas, Chicago, Detroit, and Atlanta where further JetBlue growth would benefit travelers Welcome 13#14Significant Benefits to Spirit and JetBlue Crewmembers jetBlue ✓ Provides crewmembers greater career opportunities Commitment to maintain compensation and benefits for at least 12 months for continuing Spirit team members Strong combined team with complementary expertise Cultural integration will be critical to transaction success, leveraging joint best practices from both companies BROTY PLY OFF THE PLANE 299.99 spirit 24 14#15jetBlue Transaction Turbocharges Existing Industry-Leading ESG Efforts + Focus Areas Strong Commitment to Sustainability Opportunity to Expand Diversity, Equity & Inclusion Efforts ● ● ● Recent Highlights/Key Developments Publicly stated goal in 2020 to achieve net zero carbon emissions by 2040, including offsets Nearing goal to convert 40% of its GSE to electric by 2025, and 50% by 2030 Ahead of target to convert 10% of total fuel usage to sustainable aviation fuel (SAF) on a blended basis by 2030 Increased growth of combined entity provides platform to scale existing JetBlue sustainability initiatives Continue to support existing Spirit sustainability initiatives Women and people of color represent 46% and 59% of JetBlue crewmembers, respectively Opportunity to expand JetBlue Gateways program to more families; provides a career path in Aviation with dedicated mentors to under-represented groups Women represent ~40% of JetBlue's first group of selected Gateways Direct candidates People of color represent more than 44% of JetBlue's Gateways Select classes 15#16jetBlue Platform for Efficient and Sustainable Growth Built on a Common Airbus Family Fleet The combined order book creates natural synergies, with the potential to double current JetBlue growth rate Provides platform for growth when OEM order books allow limited options Retain significant flexibility to adjust growth via: Accelerating retirement of existing E190 and A320ceo fleet Exercising options to increase A220 and A320neo deliveries JetBlue Pre-Transaction Net Fleet Count A320 family A220 282 60 8 214 E190 +3% CAGR 346 100 246 2021 2027 Source: Latest company filings, investor presentations. Note: Does not include any anticipated retirements / lease returns for Spirit. Post-Transaction Net Fleet Count A320 family A220 455 60 8 387 2021 E190 +7% CAGR 675 100 575 2027 16#17jetBlue A Younger, Lower-Cost, Lower-Carbon Fleet Centered around the Pratt & Whitney Geared Turbofan Engine Aircraft With New Engine Technology 17% 77 2021 % of Total Fleet 5.0x growth 58% 389 ● ● ● Transaction Increases Efficiency, Reduces Emissions Provides optionality to retire older fleet faster Fleet simplification and modernization drive cost savings O O Transition to an all-Airbus fleet by no later than 2026 58% of the combined fleet with new engine technology by 2027 A220 offers nearly 30 percent lower direct operating costs per seat compared to the fleet it is replacing 2027 Source: Latest company filings, investor presentations. Note: Assumes no returns or retirements in Spirit existing fleet and order book New engine technology delivers double-digit improvements in fuel and carbon emissions 17#18● ● ● jetBlue Transaction Economics Supported by Compelling Synergy Opportunity Total Annual Net Synergies $ $600-$700M Key Drivers Increased network relevance Schedule optimization Economies of scale on existing cost bases Greater JetBlue Travel Products and Loyalty relevance $600 6.0% America West U.S. Airways Announced Run-Rate Synergy (% of Pro-Forma Revenue in Millions) $2,000 5-6% Delta Northwest Airlines $650 4.5% spirit jetBlue $1,100 3.5% United Continental $225 3.1% Alaska Virgin America >$400 Median: 3.5% 2.7% Southwest Air Tran Source: Merger announcement press releases, investor presentations, company filings, management calculations. Note: Midpoint of announced synergies projection range used where available; "greater than" sign denotes instances where synergies are listed as expected to be at least the corresponding value. $1,050 2.6% American Airlines U.S. Airways 18#19Combined Company would Further JetBlue's Progress Towards Generating Superior Margins Doubles U.S. Market Share (by Departure Seats) jetBlue Standalone 2x Combined Company Boosts Profitability + 2% margin expansion Standalone Run-Rate Source: Bloomberg; median consensus estimates. Note: Market share based on departure seats for fully year 2022 Doubles Revenue Growth Mid-to-high single digits Standalone +~10% 2x Year 1 Phased Synergies Accretive to Earnings per Share EPS Accretion - 20% Low-to-mid double digits Year 2 Phased Synergies Run-Rate + ~ 50% Year 3 Run-Rate Synergies 19#20JetBlue Expected to Maintain Balance Sheet Flexibility Post-Transaction jetBlue Expect to Maintain Leverage¹ Inside Historical Levels and Continue Deleveraging Trajectory 4.4x 2010 1.1x 2015 1.2x 2019 Post-transaction leverage well inside of historical levels < 1.0x 2022E ~ 3.0x Post- Transaction JetBlue expected to return to historical deleveraging trajectory as it captures synergies Year 3 Post-Closing 4.5x 2022E Industry Median One of the best balance sheets in the industry allows flexibility for all- cash transaction Transaction to be supported by unencumbered collateral base of >$9 billion 25% liquidity / revenue post- transaction expected No significant debt maturities before 2027 Source: Management projections, historical financials, consensus estimates. Note: 2022E industry median excludes JetBlue. ¹ Leverage metric references adjusted net debt to EBITDAR, which is a non-GAAP metric. Refer to reconciliations of non-GAAP financial measures in Appendix A. 20#21Creating a Compelling National Low-fare Challenger, Benefitting All Stakeholders jetBlue 0 All-cash offer of $33/share clearly represents a "Superior Proposal" for Spirit shareholders X Pro-competitive combination as "JetBlue Effect" is more effective in lowering legacy fares Accelerates JetBlue's strategic plan, creating more value for all stakeholders of combined airline Combined airline would fly under the JetBlue brand, bringing its unique combination of lower fare and great experience to more customers Provides combined crewmember base enhanced career opportunities 21#22jetBlue Appendix 22#23Appendix A jetBlue Non-GAAP Financial Measures JetBlue presents the ratio of Adjusted Net Debt to EBITDAR, which is a non-GAAP financial measures, in this presentation. This non-GAAP financial measure, and the non-GAAP financial measures used to calculate it, are derived from our consolidated financial statements, but are not presented in accordance with generally accepted accounting principles in the United States, or GAAP. The most comparable GAAP measure is total debt to net income (loss). We believe these non-GAAP financial measures provide a meaningful comparison of our results to others in the airline industry and our prior year results. Investors should consider these non-GAAP financial measures in addition to, and not as a substitute for, our financial performance measures prepared in accordance with GAAP. Further, our non-GAAP information may be different from the non-GAAP information provided by other companies. In the following pages, we provide an explanation of each non-GAAP financial measure and provide a reconciliation of non-GAAP financial measures used in this presentation to the most directly comparable GAAP financial measures. Please note that we present an estimated ratio of Adjusted Net Debt to EBITDAR on a prospective basis. We are not able to provide, without unreasonable effort, a reconciliation of these estimated non-GAAP financial measures to the most directly comparable GAAP measure because we do not currently have sufficient data to accurately estimate the individual adjustments included in the most directly comparable GAAP measure that would be necessary for such reconciliations. As these adjustments are inherently variable and uncertain and depend on various factors that are beyond our control, we are also unable to predict their probable significance. 23#24jetBlue Adjusted Net Debt Adjusted net debt is a non-GAAP financial measure which we believe is helpful to investors in assessing our overall debt profile. We reduce our adjusted debt by cash, cash equivalents, and short-term investments resulting in adjusted net debt, to present the amount of assets needed to satisfy our debt obligations. Long-term debt and finance leases Current maturities of long-term debt and finance leases Capitalized aircraft rent (7* aircraft rent) Adjusted Debt Cash and cash equivalents Short-term investments Total Liquidity NON-GAAP FINANCIAL MEASURE ADJUSTED NET DEBT (in millions) (unaudited) Adjusted Net Debt December 31, 2019 1,990 344 694 3,028 $ EA $ 959 369 1,328 December 31, 2015 1,379 448 854 2,681 $ 1,700 $ 318 558 876 1,805 December 31, 2010 2,850 183 883 3,916 $ $ 465 495 960 2,956 24#25jetBlue Earnings before interest, taxes, depreciation, amortization, rent, and special Items Earnings before interest, taxes, depreciation, amortization, and aircraft rent (EBITDAR) is a non-GAAP financial measure. We believes this measure allows investors to better understand the financial performance of the company by presenting earnings from our business operations without including the effects of capital structure, tax rates, depreciation, and amortization. We further adjusted EBITDAR to account for the impact of special items which are unusual or infrequent in nature. Operating income Add back: Depreciation and amortization Earnings before interest, taxes, depreciation, and amortization Add back: Special items NON-GAAP FINANCIAL MEASURE EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION, AMORTIZATION, AIRCRAFT RENT, AND SPECIAL ITEMS (in millions) (unaudited) Add back: Aircraft rent expense, as reported Earnings before interest, taxes, depreciation, amortization, rent, and special items Adjusted Net Debt Adjusted Net Debt to EBITDAR $ 2019 800 525 1,325 14 99 1,438 1,700 1.2 Twelve Months Ended December 31, 2015 1,216 $ 345 1,561 122 1,683 1,805 1.1 $ 2010 333 220 553 126 679 2,956 4.4 25